新能源及有色金属日报 | 2025-12-03 基本面变化相对有限 铜价高位震荡 市场要闻与重要数据 期货行情： 2025-12-02，沪铜主力合约开于 89410元/吨，收于 88920元/吨，较前一交易日收盘-0.40%，昨日夜盘沪铜主力合 约开于 89100元/吨，收于 88590元/吨，较昨日午后收盘下跌0.37%。 现货情况： 据 SMM 讯，昨日SMM电解铜现货报价为升水20-220元/吨，均价升水120元/吨，较昨日上涨15元。1#铜价格区间 为88430至88890元/吨。沪铜主力合约早间自88840元滑落至88340元，随后止跌并窄幅整理于88620元附近。市场采 购情绪略有回暖，但持货商因可售货源有限而维持挺价。早盘平水铜货源成交迅速，多数报价升至升水20-80元/ 吨，好铜供应持续紧张。非注册货源成交则位于贴水200至170元/吨。跨月价差维持Contango结构，进口亏损扩大 至1400元/吨。预计今日现货市场将延续供需双弱下的僵持局面，价格支撑依然较强。 重要资讯汇总： 宏观与地缘方面，美国总统特朗普表示他计划在2026年初公布下一任美联储主席人选。有"新美联储通讯社"之称 的财经记 ...

Financial Data and Key Metrics Changes - The company's net profit after tax reached USD 566 million, with USD 340 million attributable to equity shareholders, marking an increase of over 600% compared to the same period last year [6][7] - EBITDA reached USD 1.54 billion, up 98% year on year, while net operating cash flow increased to USD 1.185 billion, up 130% year on year [7][16] - The gearing ratio dropped from 41% at the end of the previous year to 33%, the lowest level since the acquisition of Las Bambas [7][22] Business Line Data and Key Metrics Changes - Total copper production in the first half of the year reached approximately 260,000 tons, a significant increase of 64% year on year [8] - Total zinc production reached about 110,000 tons, achieving stable operations [8] - Copper revenue accounted for 78% of total revenue, driven by increased production and higher prices [8] Market Data and Key Metrics Changes - The company benefited from rising prices of key metals such as copper, gold, silver, and zinc, which contributed to its strong performance [6][7] - The EBITDA margin increased to 55%, ranking among the top globally for similar companies [17] Company Strategy and Development Direction - The company focuses on copper and other base metals critical to a low carbon future, with expectations of strong demand for metals like copper, zinc, and nickel [26][28] - The company aims to enhance operational value and maximize asset growth potential while exploring diversification opportunities across different regions and commodity sectors [29] - Total copper production is projected to reach up to 520,000 tons this year, with Las Bambas expected to contribute 400,000 tons [29] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining a strong safety culture and proactive safety measures [4][5] - The company is aware of potential risks related to road blockades at the Las Bambas mine, especially with the upcoming presidential election in Peru [41][42] - Management expressed confidence in the company's ability to maintain stable production and operational stability despite external challenges [45][46] Other Important Information - The company plans to adjust its capital expenditure estimation for 2025 to USD 1.1 billion to USD 1.25 billion, covering maintenance, development projects, and capitalized mining expenditures [23][24] - The acquisition of the Nickel Brazil asset is progressing and expected to be completed by the end of the year with an initial consideration of USD 350 million [24] Q&A Session Summary Question: What are the reasons behind the cost increase for the Las Bambas mine in the second half of the year? - Management stated that the full year cost guidance remains unchanged to allow for risk control, and if production volumes remain high, cash costs will continue to be low [34] Question: Have all inventory issues been cleared due to road blockades at Las Bambas mine? - Management confirmed that road blockages occurred for 15 days, but the issues have been resolved, and efforts are being made to clear inventory [36] Question: What is the outlook for finance costs in the second half of the year? - The finance cost for the first half was USD 139 million, a decrease from the previous year, and management aims to lower the finance cost to USD 320 million for the whole year [39] Question: What measures are in place to guard against potential disruptions due to the upcoming presidential election in Peru? - Management highlighted the importance of community relationship rebuilding strategies to maintain stable production and operational stability [43][45] Question: What is the long-term guidance for the gearing ratio? - Management indicated that the gearing ratio has decreased significantly, and they will continue to focus on optimizing the balance sheet and managing debt levels [42][46]